Condominium Status Certificate
What’s So Important About A Condominium Status Certificate?
The purchase of a condominium differs in many regards from the purchase of a house. Condominiums are created by statute and the Declaration, Rules and By-Laws of each condominium differ. Here are some of the questions that you and your agent should be asking each other:
Are pets allowed? What kinds of pets? How many? Do I have to keep them on a leash? If you don’t have a pet now, do you intend to have pets?
Can I BBQ?
Are the common expenses disclosed by the listing agent in the MLS listing accurate? What if they’re higher?
What’s included in the common expenses? Are the utilities extra?
Is the seller in arrears of payment of common expenses?
Will the common expenses be going up?
Will I be slapped with increased common expenses or onerous special assessments after closing?
Is the current budget sufficient to cover the building’s operating expenses?
Who is the property manager?
Is the building well managed?
Are many of the units leased to renters? Do I care if there are lots of renters?
Is the building structurally sound?
Is the reserve fund sufficient for needed repairs and replacements?
When was the last reserve fund study done? When will the next one be done?
Is the building insured?
What do I have to insure?
Where do my unit boundaries end and the common elements begin?
What are my repair and maintenance obligations?
What use can I make of the residential unit, parking unit and locker unit?
Are my locker and parking space owned by my seller or merely exclusive use common elements?
Is the condominium being sued or suing anyone? What if they lose the lawsuit? Will it cost me money?
Who is on the board of directors?
The answers to these questions are found in the Status Certificate. Every offer should be conditional on the buyer’s solicitor’s review of the Status Certificate and finding it satisfactory in his sole and absolute discretion.
For More Information:
Barrister & Solicitor
5255 Yonge St., Suite 800,
Toronto, Ontario, M2N 6P4
Telephone: (416) 512-1072
Direct Line: (416) 229-5461
Facsimile: (416) 512-9992